ATLANTIC NAVIGATION HOLDINGS (SINGAPORE) LIMITED
(Company Registration No. 200411055E)
Condensed Interim Consolidated Financial Statements for the Financial Period Ended 30 September 2021
In view of an Emphasis of Matter relating to "material uncertainty related to going concern" highlighted by the Company's independent auditor, Ernst & Young LLP, on the audited financial statements of the Group for the financial year ended 31 December 2020, the Company is required by the Singapore Exchange Securities Trading Limited ("SGX-ST") to announce its quarterly financial statements pursuant to Rule 705 of the Catalist Rules.
This announcement, including the condensed Interim consolidated financial statements, has been reviewed by the Company's sponsor, SAC Capital Private Limited ("Sponsor"). This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Page 1 of 18
Table of Contents
Page
- Condensed interim consolidated statement of profit or loss and other comprehensive
income.................................................................................................................................... | 3 | |
B. Condensed interim statements of financial position.............................................................. | 4 | |
C. | Condensed interim statements of changes in equity............................................................ | 5 |
D. | Condensed interim consolidated statement of cash flows..................................................... | 6 |
E. Notes to the condensed interim consolidated financial statements....................................... | 7 | |
F. | Other information required by Catalist Rule Appendix 7C..................................................... | 15 |
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Atlantic Navigation Holdings (Singapore) Limited
(Company Registration No. 200411055E)
A. Condensed interim consolidated statement of profit or loss and other comprehensive income
The Group | The Group | ||||||
3 months | 3 months | 9 months | 9 months | ||||
ended 30 | ended 30 | ended 30 | ended 30 | ||||
September | September | Increase/ | September | September | |||
2021 | 2020 | (Decrease) | 2021 | 2020 | |||
Note | US$'000 | US$'000 | % | US$'000 | US$'000 | ||
Revenue | 4 | 11,526 | 14,312 | (19.5) | 30,375 | 49,875 | |
Cost of services1 | (9,191) | (12,530) | (26.6) | (27,418) | (38,397) | ||
Gross profit | 2,335 | 1,782 | 31.0 | 2,957 | 11,478 | ||
Other items of income |
Increase/
(Decrease)
%
(39.1)
(28.6)
(74.2)
Finance income | - | - | N.M. | - | 1 | N.M. | ||
Other income | - | - | N.M. | - | 231 | N.M. | ||
Other items of expense | ||||||||
Marketing and distribution expenses | - | - | N.M. | (8) | (7) | 14.3 | ||
Administrative expenses1 | (1,473) | (1,542) | (4.5) | (4,528) | (4,196) | 7.9 | ||
Finance costs | (1,005) | (1,176) | (14.5) | (3,165) | (3,885) | (18.5) | ||
Impairment loss on property, vessels and equipment2 | (1,052) | - | N.M. | (9,080) | (5,780) | 57.1 | ||
Withholding tax expense | (88) | (310) | (71.6) | (250) | (1,295) | (80.7) | ||
Loss before tax | 6 | (1,283) | (1,246) | 3.0 | (14,074) | (3,453) | >100.0 | |
Income tax expense | - | - | N.M. | - | - | N.M. | ||
Loss for the period, attributable to owners | ||||||||
of the Company | (1,283) | (1,246) | 3.0 | (14,074) | (3,453) | >100.0 | ||
Adjusted EBITDA for the period3 | ||||||||
2,889 | 2,060 | 40.2 | 4,719 | 12,799 | (63.1) |
- Includes depreciation and amortisation as disclosed in Note 6.1.
- Includes impairment loss on reclassification of vessels as held for sale as disclosed in Note 6.1.
- Adjusted EBITDA is computed based on loss before tax, finance costs, depreciation, amortisation, impairment loss on property, vessels and equipment, net gain on disposal of property, vessels and equipment.
Consolidated statement of comprehensive income
Loss for the period
Items that may be reclassified subsequently to profit or loss
Net fair value changes on cash flow hedges
Other comprehensive income for the period, net of tax
Total comprehensive income for the period, attributable to owners of the Company
(1,283) | (1,246) | 3.0 | (14,074) | (3,453) | >100.0 | |
132 | 163 | (19.0) | 371 | (506) | N.M. | |
132 | 163 | (19.0) | 371 | (506) | N.M. |
(1,151) | (1,083) | 6.3 | (13,703) | (3,959) | >100.0 |
Loss per share for the period attributable to the owners of the Company during the financial period:
Basic (US$ in cent)
Diluted (US$ in cent)
(0.25) | (0.24) | (2.69) | (0.66) |
(0.25) | (0.24) | (2.69) | (0.66) |
The share options granted to employees under the existing Atlantic 2008 ESOS and Atlantic 2015 ESOS have not been included in the calculation of diluted loss per share because they are anti-dilutive. All options have expired since 29 January 2020 and 11 May 2020 as disclosed in Note 13.
N.M.: not meaningful
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B. Condensed interim statements of financial position
The Group | The Company | |||||||||
Unaudited | Audited | Unaudited | Audited | |||||||
30 September | 31 December | 30 September | 31 December | |||||||
2021 | 2020 | 2021 | 2020 | |||||||
Note | US$'000 | US$'000 | US$'000 | US$'000 | ||||||
ASSETS | ||||||||||
Non-current assets | ||||||||||
Property, vessels and equipment | 8 | 140,249 | 155,232 | - | - | |||||
Right-of-use assets | 37 | 85 | - | - | ||||||
Intangible assets | 169 | 183 | 141 | 141 | ||||||
Investment in subsidiaries | - | - | 67,770 | 67,770 | ||||||
Advances, deposits and other receivables | - | - | 24,471 | 35,050 | ||||||
Prepayments | - | 382 | - | - | ||||||
140,455 | 155,882 | 92,382 | 102,961 | |||||||
Current assets | ||||||||||
Inventories | 653 | 288 | - | - | ||||||
Advances, deposits and other receivables | 2,203 | 1,826 | 4,186 | 5,449 | ||||||
Prepayments | 485 | 767 | 9 | - | ||||||
Trade receivables | 9 | 9,797 | 13,790 | 3,205 | 3,311 | |||||
Vessels held for sale | 8 | 1,794 | - | - | - | |||||
Cash and bank balances | 767 | 886 | 219 | 41 | ||||||
Restricted cash | 90 | 94 | - | - | ||||||
15,789 | 17,651 | 7,619 | 8,801 | |||||||
Total assets | 156,244 | 173,533 | 100,001 | 111,762 | ||||||
EQUITY AND LIABILITIES | ||||||||||
Current liabilities | ||||||||||
Loans and borrowings | 10 | 55,179 | 55,387 | 19,781 | 20,087 | |||||
Trade payables | 10,245 | 13,022 | - | 1,760 | ||||||
Accruals and other payables | 5,575 | 5,810 | 447 | 490 | ||||||
Other non-financial liabilities | 292 | 349 | - | - | ||||||
Amount due to shareholders | 11 | 2,372 | 960 | 750 | - | |||||
Lease liabilities | 13 | 72 | - | - | ||||||
73,676 | 75,600 | 20,978 | 22,337 | |||||||
Net current liabilities | (57,887) | (57,949) | (13,359) | (13,536) | ||||||
Non-current liabilities | ||||||||||
Provisions | 726 | 639 | - | - | ||||||
Amount due to shareholders | 11 | 11,222 | 11,361 | 11,222 | 11,361 | |||||
Derivatives | 12 | 1,172 | 1,543 | - | - | |||||
Loans and borrowings | 10 | 1,501 | 3,316 | - | - | |||||
14,621 | 16,859 | 11,222 | 11,361 | |||||||
Total liabilities | 88,297 | 92,459 | 32,200 | 33,698 | ||||||
Net assets | 7 | 67,947 | 81,074 | 67,801 | 78,064 | |||||
Equity attributable to owners of the Company | ||||||||||
Share capital | 13 | 38,307 | 38,307 | 111,471 | 111,471 | |||||
Other reserves | 5,491 | 4,544 | 6,036 | 5,460 | ||||||
Retained earnings/(accumulated losses) | 24,149 | 38,223 | (49,706) | (38,867) | ||||||
Total equity | 67,947 | 81,074 | 67,801 | 78,064 | ||||||
Total equity and liabilities | 156,244 | 173,533 | 100,001 | 111,762 |
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C. Condensed interim statements of changes in equity
The Group | Equity, | Share | Other | Retained | ||
total | capital | reserves | earnings | |||
US$'000 | US$'000 | US$'000 | US$'000 | |||
2021 | ||||||
Balance at 1 January 2021 | 81,074 | 38,307 | 4,544 | 38,223 | ||
Loss for the period | (14,074) | - | - | (14,074) | ||
Other comprehensive income | ||||||
Net fair value changes on cash flow hedges | 371 | - | 371 | - | ||
Other comprehensive income for the period, net of tax | 371 | - | 371 | - | ||
Transaction with owners of the Company directly recognised in equity* | 576 | - | 576 | - | ||
Balance at 30 September 2021 | 67,947 | 38,307 | 5,491 | 24,149 | ||
2020 | ||||||
Balance at 1 January 2020 | 85,952 | 38,307 | 3,969 | 43,676 | ||
Loss for the period | (3,453) | - | - | (3,453) | ||
Other comprehensive income | ||||||
Net fair value changes on cash flow hedges | (506) | - | (506) | - | ||
Other comprehensive income for the period, net of tax | (506) | - | (506) | - | ||
Balance at 30 September 2020 | 81,993 | 38,307 | 3,463 | 40,223 |
The Company | Equity, | Share | Other | Accumulate |
total | capital | reserves | d losses | |
US$'000 | US$'000 | US$'000 | US$'000 | |
2021 | ||||
Balance at 1 January 2021 | 78,064 | 111,471 | 5,460 | (38,867) |
Loss for the period, representing total comprehensive income for the period | (10,839) | - | - | (10,839) |
Transaction with owners of the company directly recognised in equity* | 576 | - | 576 | - |
Balance at 30 September 2021 | 67,801 | 111,471 | 6,036 | (49,706) |
2020 | ||||
Balance at 1 January 2020 | 83,050 | 111,471 | 4,431 | (32,852) |
Loss for the period, representing total comprehensive income for the period | (5,967) | - | - | (5,967) |
Balance at 30 September 2020 | 77,083 | 111,471 | 4,431 | (38,819) |
- During 1Q2021, a fair value adjustment arising from change of interest rate from 6.0% per annum to 3.0% per annum, being the difference between the carrying amount of loans received from shareholders and the fair value of these loans, was recognised in capital reserve.
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Disclaimer
Atlantic Navigation Holdings (Singapore) Ltd. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 08:49:06 UTC.